# Within-Union CA Regressions: Cross-Union Comparison

| Variable | EMU: Z+ctrl | CFA: Z+ctrl | ECCU: Z+ctrl | CMA: Z+ctrl |
|:---|---:|---:|---:|---:|
| Z_1 | -189.7500*** | 126.5171*** | -82.9419 | -89.7525 |
| | (35.6908) | (48.7210) | (80.3671) | (103.8813) |
| Z_2 | 24.2056*** | -17.2195** | 12.2309 | 14.4676 |
| | (4.6263) | (8.0030) | (11.1367) | (16.3273) |
| Z_3 | -0.8706*** | 0.6638* | -0.5211 | -0.5567 |
| | (0.1713) | (0.3474) | (0.4283) | (0.6970) |
| fiscal_bal_gdp | -0.0679 | 0.5121*** | 0.6866*** | 0.4372*** |
| | (0.0654) | (0.0853) | (0.1599) | (0.1661) |
| nfa_gdp_lag | 1.6071** | 2.5280 | -3.1930 | 3.6683 |
| | (0.6681) | (1.6114) | (3.2274) | (3.8249) |
| rgdp_growth | 0.1202*** | 0.2282*** | 0.0197 | -0.2512 |
| | (0.0379) | (0.0398) | (0.0826) | (0.1958) |
|:---|---:|---:|---:|---:|
| N | 447 | 528 | 109 | 146 |
| R² | 0.2416 | 0.0711 | 0.3392 | 0.1790 |
| Countries | 19 | 14 | 6 | 4 |

*Panel GLS with country and year fixed effects. Each union estimated separately, members post-accession only. Controls: fiscal_bal_gdp, nfa_gdp_lag, rgdp_growth.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*